The chairman and chief executive of AK Medical Holdings, the largest artificial orthopaedic joint manufacturer in China, has sold a 4.8% stake in the business to raise HK$350.5m (US$44.7m).
Via his Ximalaya Limited vehicle, Zhijiang Li has sold 50 million shares at HK$7.01 with the help of Goldman Sachs to what it calls a “large and high-quality Asia-based investment management firm”.
After the sale, he retains a 51.3% stake in the company.
AK Medical priced its HK$500m IPO at HK$1.75 at the end of December 2017 via sole sponsor Goldman Sachs. After the sale its shares fell 5.2% to HK$7.15.